Incomplete-Information Models of Large Economies with Anonymity: Existence and Uniqueness of Common Priors

The paper provides a speci?cation of belief systems for models of large economies with anonymity in which aggregate states depend only on cross-section distributions of types. For belief systems satisfying certain conditions of mutual absolute continuity, the paper gives a necessary and sufficient condition for the existence of a common prior. Under the given conditions, the common prior is unique.

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Year of publication:	2011-05
Authors:	Hellwig, Martin
Institutions:	Max-Planck-Institut zur Erforschung von Gemeinschaftsgütern, Max-Planck-Gesellschaft
Subject:	Large Economy \| Belief systems \| consistency \| common prior

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Extent:	application/pdf
Series:	Working Paper Series of the Max Planck Institute for Research on Collective Goods.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 2011_08
Classification:	D82 - Asymmetric and Private Information ; C70 - Game Theory and Bargaining Theory. General ; D83 - Search, Learning, Information and Knowledge
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009021688